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Technology Stocks : C3ai
AI 28.38+1.2%4:00 PM EDT

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From: Julius Wong2/28/2024 8:57:53 PM
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C3.ai bumps up annual sales guidance on higher customer engagement, stock +15% after hours

Feb. 28, 2024 4:36 PM ET
By: Anuron Mitra, SA News Editor

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Class A shares of C3.ai (NYSE: AI) on Wednesday jumped more than 15% in extended trading, after the enterprise software company bumped up its annual revenue guidance as more customers signed up to use its products and solutions.

C3.ai ( AI) stock was last up 15.3% to $34.25 after hours.

The Redwood City, Calif.-based firm reported an adjusted loss per share of 13 cents for FQ3 2024 on revenue of $78.4M. Analysts had been expecting a loss of 28 cents per share on sales of $76.14M.

C3.ai ( AI) provides software that uses enterprise artificial intelligence (AI), or solutions that apply AI and machine learning to digitally solve problems faced by organizations.

"Customer engagement grew 80% year-over-year. Our significant first mover advantage in Enterprise AI is generating tailwinds as market interest in adopting AI accelerates,” C3.ai ( AI) top boss Thomas Siebel said in a statement.

The company closed 50 agreements in the quarter, entering into new deals with names such as medical device company Boston Scientific ( BSX), drugmaker AbbVie ( ABBV) and telecom firm T-Mobile US ( TMUS).

Moreover, C3.ai's ( AI) federal contracts continued to show significant strength, with revenue and bookings from federal services up 100% and 85% Y/Y, respectively. The company entered into and expanded upon agreements with agencies such as the U.S. Department of Defense and the U.S. Air Force.

C3.ai's ( AI) overall FQ3 subscription revenue rose 23% Y/Y to $70.4M, comprising 90% of total revenue.

Turning to the company's guidance, C3.ai ( AI) now sees full year fiscal 2024 revenue of $306M to $310M, up from a prior forecast of $295M to $320M. The consensus estimate is $305.53M. FQ4 revenue is anticipated to be $82M to $86M, versus a consensus of $83.91M.
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